Will Bitcoin’s (BTC) Price Surge to $21K this Weekend?

Bitcoin

Bitcoin’s price is finding stability after a difficult week, trading at $19,000. External factors such as the South Korean government’s decision to ban cryptocurrency trading caused the market to stall roughly at $18,000, forcing a rejection at around $19,500.

Analysts believe that the price of bitcoin has already settled at its lowest, suggesting that it will only move higher from here. However, investors appear to be divided on the issue, rather than focusing on other potential investments amid rising interest rates to combat out-of-control inflation.

Bitcoin’s price has been on a rollercoaster ride this year, and it doesn’t look like it is slowing down any time soon. After hitting an all-time high of $19,783 just a week ago, the price quickly dropped to $16,200 in what some have called a correction.

Now, the price is on a rally again and is currently trading at $19,110.10. Analysts are divided as to where the price will go next, but most agree that it is only a matter of time before bitcoin reaches $20,000.

US Federal Reserve increasing interest rates causing a bear market in the crypto industry

Stocks in the bitcoin mining sector have been trapped in a thick fog for some time, owing to the crypto industry bear market. This week was exceptionally difficult for most equities across the world, with the US Federal Reserve increasing interest rates by 0.75 percent. To combat skyrocketing inflation caused by high energy and food costs, the Bank of England (BoE) announced a smaller rate increase of 0.5%.

According to The Block, Marathon Digital Holdings, Iris Energy and Cipher Mining had taken the biggest hits until the market closed on Friday. Across the board, bitcoin mining stocks suffered losses, with BTC prices trading below $19,000.

While Bitcoin’s price may have hit a bottom, it doesn’t have the drive to sustain recovery due to investors this year cutting investment budgets to riskier markets because of spiking inflation and tight monetary policy.

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